But Lagarde warned declining Movement.down.loss crude prices were hitting some oil exporters particularly hard , especially Russia , Iran , Venezuela and Nigeria , leaving their economies bearish Slow.weak .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price projections from last year , partly because of the declining Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

Lower Movement.down.loss oil prices will start creating acute financial stress and declining Movement.down.loss production from shale as well as other high Position.high cost producer , the bank said .

In its World Energy Outlook 2018 , the Paris-based IEA said it had reduced Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the declining Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the spurt Grow.strong spurt Grow.strong in U.S. shale oil and gas supply .

However , he added , the exports could be curbed Cause.movement.down.loss by falling Movement.down.loss oil prices and declining Movement.down.loss refining margins .

The gasoline production will increase Movement.up.gain to 18 percent , from 14 percent , while fuel oil will plummet Movement.down.loss more than 15 percent points , declining Movement.down.loss to 15 percent of refined products made in Russia .

Crude oil prices soared Movement.up.gain on Thursday on signs of declining Movement.down.loss U.S. oil supply , distress Slow.weak in the dollar and clashes Geopolitical.tension in the the West , particularly Iran .